Fuel cycle roundup #17

27 November 2013

Toro confirms Wiluna resources

Toro Energy has confirmed a resource upgrade at its Wiluna project in Western Australia following the completion of its acquisition of the Lake Maitland uranium project from Mega Uranium. The total resource base is now reported as 42.3 million pounds U3O8 (16,271 tU) at 898 ppm uranium, and 76.5 million pounds U3O8 (29,425 tU) at 479 ppm. The figures are compliant with the JORC code.

According to Toro managing director Vanessa Guthrie the total resource base should be capable of supporting over 20 years of mining operations.

More reserves found at Lost Creek

Ur-Energy has announced a new and increased NI43-101 compliant reserve estimate for it Lost Creek property in Wyoming. Measured resources have increased to 4.85 million pounds U3O8 (1865 tU), 16% up on previous figures, and inferred resources increased 65% to 4.74 million pounds U3O8 (1823 tU). Indicated resources have decreased slightly to 3.80 million pounds U3O8 (1462 tU) due to re-categorizing of resources. In situ leach production at Lost Creek began earlier this year.

White Mesa mill to go on standby

US uranium producer Energy Fuels has announced that it will discontinue current U3O8 production at the White Mesa uranium mill from August 2014 until the latter half of 2015. White Mesa is the only conventional uranium mill currently operating in the USA. It will also place the Pinenut mine on standby in mid-July 2014. Mining at the company's Arizona 1 mine is due to cease early in 2014 as known resources are depleted.

According to its quarterly report, Energy Fuels believes the current price of U3O8 is below the average economic cost to produce uranium, and the company intends to meet its contractual uranium supply obligations from its inventory and from uranium purchased on the spot market.

Azincourt buys Peruvian assets

Saskatoon-based exploration company Azincourt Uranium is to buy Peruvian company Minergia from its current co-owners Cameco and Vena Resources for $2 million in cash and Azincourt shares. Minergia owns 100% of the rights to the Macusani and Munani uranium exploration projects. Macusani has measured and indicated resources of 18 million pounds U3O8 (6900 tU) plus 17 million pounds U3O8 (6500 tU) of inferred resources.